In the e-discovery market and beyond, mergers and acquisitions are growing at a rapid pace. According to Wolters Kluwer ELM Solutions, for example, the demand for M&A work rose an estimated 52 percent from 2013 to 2014, for large law firms with over 200 attorneys. And while legal tech may help meet this demand, some of its technology may be ahead of its time. E-billing for example, may at first glance be a welcome tool, but its light of a modern accounting language for these tasks, its full potential remains untapped.
Noticing the need for standardization, the Legal Electronic Data Exchange Standard (LEDES) Oversight Committee (LOC) announced a new Uniform Task Based Management System (UTBMS) code set for the e-billing of mergers and acquisition work. Linda Hovanec, chair of the LOC Mergers and Acquisitions subcommittee, told Legaltech News in a statement that the new codes “are based on principles of simplicity and completeness. They follow a well-recognized pattern familiar to M&A practitioners, regardless of size or complexity of the deal that aligns with the way the work is actually conducted.”
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